Solar Encapsulation Market
Solar Encapsulation Market Forecasts to 2030 - Global Analysis By Material (Ethylene Vinyl Acetate (EVA), Polyvinyl Butyral (PVB), Polydimethylsiloxane and Other Materials), Technology (Single-Crystal/Polycrystalline Silicon Solar Technology and Thin-film Solar Technology), Application, End User and By Geography
According to Stratistics MRC, the Global Solar Encapsulation Market is accounted for $3.47 billion in 2023 and is expected to reach $6.86 billion by 2030 growing at a CAGR of 10.2% during the forecast period. Solar encapsulation involves enclosing photovoltaic cells within protective materials to shield them from environmental factors. This process enhances the durability and performance of solar panels by safeguarding against moisture, dust, UV radiation, and mechanical damage. Encapsulation materials, such as ethylene vinyl acetate (EVA) or polyvinyl butyral (PVB), contribute to prolonging the lifespan and optimizing the electrical properties of solar modules.
According to UN report between 2005 and 2030, energy needs are projected to expand by 55 per cent, with demand increasing from 11.4 billion tons of oil equivalent to 17.7 billion.
Market Dynamics:
Driver:
Increasing demand for renewable energy
The increasing demand for renewable energy sources, such as solar power, is a significant driver in the solar encapsulation market. As the world focuses more on sustainability and reducing carbon emissions, there is a growing need for efficient solar energy solutions. Solar encapsulation materials play a crucial role in protecting solar panels from environmental factors and ensuring their durability and performance. This demand surge is fueled by both the residential and commercial sectors seeking reliable, long-term renewable energy solutions.
Restraint:
Recycling complexity of solar encapsulations
The recycling complexity of solar encapsulations poses a significant restraint in the solar encapsulation market. While solar panels are recognized for their sustainability, the intricate nature of their encapsulation materials complicates the recycling process. These materials often consist of multiple layers and compositions, making it challenging to efficiently separate and recycle them. Consequently, this complexity increases recycling costs and reduces the overall viability of recycling initiatives, hindering the market's growth.
Opportunity:
Technological advancements in solar cell efficiency
Enhanced efficiency means greater electricity generation from solar panels, driving demand for encapsulation materials to protect and maintain the performance of these cells. As solar technology becomes more efficient, there's a growing need for innovative encapsulation solutions to ensure durability, longevity, and optimal performance of solar panels. This trend opens up avenues for companies in the solar encapsulation sector to capitalize on the increasing demand for high-performance materials.
Threat:
Fluctuations in raw material prices
Fluctuations in raw material prices pose a significant threat to the solar encapsulation market. As raw materials like ethylene vinyl acetate (EVA) and glass are essential components, price volatility can disrupt manufacturing costs and profit margins. This instability can lead to uncertainty in pricing for solar panel manufacturers, impacting their competitiveness and profitability. Additionally, sudden price hikes may deter potential investors and slow down industry growth.
Covid-19 Impact:
The COVID-19 pandemic has impacted the solar encapsulation market by disrupting supply chains, delaying project timelines, and reducing demand due to economic uncertainty. Lockdowns and restrictions hindered manufacturing and installation activities, leading to project delays. However, the growing focus on renewable energy and recovery efforts has spurred resilience, with the market expected to rebound as the global economy recovers.
The ethylene vinyl acetate (EVA) segment is expected to be the largest during the forecast period
The ethylene vinyl acetate (EVA) segment is anticipated to dominate the solar encapsulation market during the forecast period due to its widespread usage in photovoltaic module manufacturing. EVA serves as a crucial encapsulant, providing insulation, adhesion, and durability to solar panels. Its properties, including excellent light transmittance and adhesion to both glass and solar cells make it a preferred choice for module encapsulation. Additionally, advancements in EVA formulations to enhance durability and efficiency further contribute to its prominence in the market.
The thin-film solar technology segment is expected to have the highest CAGR during the forecast period
The thin-film solar technology segment is anticipated to exhibit a significant growth rate during the forecast period in the solar encapsulation market. This is attributed to factors such as its lightweight design, flexibility, and lower material costs compared to traditional crystalline silicon modules. Additionally, advancements in thin-film technology have enhanced efficiency and durability, driving its adoption in various applications such as building-integrated photovoltaics (BIPV), consumer electronics, and portable power solutions, fueling its market growth.
Region with largest share:
During the forecast period, Asia Pacific is set to dominate the solar encapsulation market due to several factors. The region's rapid industrialization, urbanization, and increasing focus on renewable energy drive substantial demand for solar panels. Additionally, supportive government policies, incentives, and investments in solar energy infrastructure further boost market growth. Moreover, the presence of key market players, technological advancements, and a large consumer base contribute to Asia Pacific's strong position as a leading market for solar encapsulation products.
Region with highest CAGR:
During the forecast period, the Middle East and Africa are poised for rapid expansion in the solar encapsulation market due to various factors. These include increasing government initiatives to promote renewable energy adoption, abundant solar resources, and a growing demand for electricity. Additionally, advancements in technology and favorable regulatory policies are driving investments in solar projects across the region. With rising awareness of the benefits of solar energy and efforts to diversify energy sources, the Middle East and Africa are expected to witness significant growth in the solar encapsulation market.
Key players in the market
Some of the key players in Solar Encapsulation Market include 3M Company, Arkema SA, Dow Inc, DuPont de Nemours, Inc., First Solar, Guangdong Super Solar Energy Technology Co., Ltd., Hangzhou Dongke New Energy Technology Co., Ltd., Hanwha Group, Jiangsu Akcome Science and Technology Co., Ltd, JinkoSolar Holding Co., Ltd., Jolywood (Suzhou), Q-Cells, STR Holdings, Inc., STR Solar and Zhejiang Zhengxin Photovoltaic Technology Co., Ltd.
Key Developments:
In July 2023, First Solar, a major producer of thin-film solar panels, announced its plans to invest USD 1.1 billion in building its fifth manufacturing facility in the United States. This facility was to have a planned annual production capacity of 3.5 GW. It was intended to contribute to First Solar's total production capacity of 14 GW in the United States and 25 GW worldwide.
In March 2023, U.S.-based chemical conglomerate Dow has launched a photovoltaic (PV) product line with six silicone-based sealants and adhesives solutions for PV module assembly. The new product line, DOWSIL, would be used to deliver durability and performance for frame sealing, rail and junction box bonding, potting, and building integrated photovoltaic installation materials.
In March 2023, Georgia Gov. Brian Kemp announced that EVA and backsheet maker Hanwha Advanced Materials Georgia intends to invest $147 million in a new manufacturing factory in Cartersville, Georgia. The facility will create more than 160 new jobs and supply encapsulant materials to Qcells solar panels made within the state.
Materials Covered:
• Ethylene Vinyl Acetate (EVA)
• Polyvinyl Butyral (PVB)
• Polydimethylsiloxane
• UV Curable Resin
• Thermoplastic Polyurethane (TPU)
• Polyolefin (PO)
• Ionomers
• Silicones
• Other Materials
Technologies Covered:
• Single-Crystal/Polycrystalline Silicon Solar Technology
• Thin-film Solar Technology
Applications Covered:
• Utility-scale Solar Power Plants
• Building-integrated photovoltaic
• Floating photovoltaic
• Other Applications
End Users Covered:
• Residential
• Commercial
• Industrial
• Utilities
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solar Encapsulation Market, By Material
5.1 Introduction
5.2 Ethylene Vinyl Acetate (EVA)
5.3 Polyvinyl Butyral (PVB)
5.4 Polydimethylsiloxane
5.5 UV Curable Resin
5.6 Thermoplastic Polyurethane (TPU)
5.7 Polyolefin (PO)
5.8 Ionomers
5.9 Silicones
5.10 Other Materials
6 Global Solar Encapsulation Market, By Technology
6.1 Introduction
6.2 Single-Crystal/Polycrystalline Silicon Solar Technology
6.3 Thin-film Solar Technology
6.3.1 Amorphous silicon (A-Si)
6.3.2 Cadmium-telluride (CDTE)
6.3.3 Copper-indium-gallium-selenide (CIGS)
7 Global Solar Encapsulation Market, By Application
7.1 Introduction
7.2 Utility-scale Solar Power Plants
7.3 Building-integrated photovoltaic
7.4 Floating photovoltaic
7.5 Other Applications
8 Global Solar Encapsulation Market, By End User
8.1 Introduction
8.2 Residential
8.3 Commercial
8.4 Industrial
8.5 Utilities
9 Global Solar Encapsulation Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 3M Company
11.2 Arkema SA
11.3 Dow Inc
11.4 DuPont de Nemours, Inc.
11.5 First Solar
11.6 Guangdong Super Solar Energy Technology Co., Ltd.
11.7 Hangzhou Dongke New Energy Technology Co., Ltd.
11.8 Hanwha Group
11.9 Jiangsu Akcome Science and Technology Co., Ltd
11.10 JinkoSolar Holding Co., Ltd.
11.11 Jolywood (Suzhou)
11.12 Q-Cells
11.13 STR Holdings, Inc.
11.14 STR Solar
11.15 Zhejiang Zhengxin Photovoltaic Technology Co., Ltd
List of Tables
1 Global Solar Encapsulation Market Outlook, By Region (2021-2030) ($MN)
2 Global Solar Encapsulation Market Outlook, By Material (2021-2030) ($MN)
3 Global Solar Encapsulation Market Outlook, By Ethylene Vinyl Acetate (EVA) (2021-2030) ($MN)
4 Global Solar Encapsulation Market Outlook, By Polyvinyl Butyral (PVB) (2021-2030) ($MN)
5 Global Solar Encapsulation Market Outlook, By Polydimethylsiloxane (2021-2030) ($MN)
6 Global Solar Encapsulation Market Outlook, By UV Curable Resin (2021-2030) ($MN)
7 Global Solar Encapsulation Market Outlook, By Thermoplastic Polyurethane (TPU) (2021-2030) ($MN)
8 Global Solar Encapsulation Market Outlook, By Polyolefin (PO) (2021-2030) ($MN)
9 Global Solar Encapsulation Market Outlook, By Ionomers (2021-2030) ($MN)
10 Global Solar Encapsulation Market Outlook, By Silicones (2021-2030) ($MN)
11 Global Solar Encapsulation Market Outlook, By Other Materials (2021-2030) ($MN)
12 Global Solar Encapsulation Market Outlook, By Technology (2021-2030) ($MN)
13 Global Solar Encapsulation Market Outlook, By Single-Crystal/Polycrystalline Silicon Solar Technology (2021-2030) ($MN)
14 Global Solar Encapsulation Market Outlook, By Thin-film Solar Technology (2021-2030) ($MN)
15 Global Solar Encapsulation Market Outlook, By Amorphous silicon (A-Si) (2021-2030) ($MN)
16 Global Solar Encapsulation Market Outlook, By Cadmium-telluride (CDTE) (2021-2030) ($MN)
17 Global Solar Encapsulation Market Outlook, By Copper-indium-gallium-selenide (CIGS) (2021-2030) ($MN)
18 Global Solar Encapsulation Market Outlook, By Application (2021-2030) ($MN)
19 Global Solar Encapsulation Market Outlook, By Utility-scale Solar Power Plants (2021-2030) ($MN)
20 Global Solar Encapsulation Market Outlook, By Building-integrated photovoltaic (2021-2030) ($MN)
21 Global Solar Encapsulation Market Outlook, By Floating photovoltaic (2021-2030) ($MN)
22 Global Solar Encapsulation Market Outlook, By Other Applications (2021-2030) ($MN)
23 Global Solar Encapsulation Market Outlook, By End User (2021-2030) ($MN)
24 Global Solar Encapsulation Market Outlook, By Residential (2021-2030) ($MN)
25 Global Solar Encapsulation Market Outlook, By Commercial (2021-2030) ($MN)
26 Global Solar Encapsulation Market Outlook, By Industrial (2021-2030) ($MN)
27 Global Solar Encapsulation Market Outlook, By Utilities (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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